From Torncity WIKI - The official help and support guide

Education is available from either the sidebar, or the west side of the city, and is extremely beneficial, and it can enhance nearly every aspect of your game

To enroll in an education course, your need to have a required amount of energy and money (varies for each course) some Education courses may also not be open to you until prerequisite courses have been completed

How to shorten Education time

Currently there are only two ways to shorten education time, with the sports team Job Specials or by spending merits on decreasing education time. The merit upgrade removes 2% of the education link per upgrade, for a maximum of 20% shorter.

The only way the completely cancel your current education course is to constantly take drugs until you are kicked out.